China's Changan restructured as independent state-owned automaker, CCTV reports
The spin-off from state-owned China South Industries Group Corp was established in Chongqing on Tuesday.
With 117 subsidiaries, the restructured new automaker will focus on smart vehicles, robots, flying cars and embodied intelligence, among other fields. It also has plans to step up expansions into markets including Southeast Asia, the Middle East, Central and South America and Europe, the report said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
an hour ago
- BBC News
Trump says he will fire head of BLS as stocks shudder
US President Donald Trump said he would fire the head of the agency charged with publishing some of America's most closely watched economic data, after a weaker-than-expected jobs report stoked further alarm about his tariff policies. His decision to move forward with plans to sharply raise tariffs on goods from countries around the world had already sent financial markets in the US shuddering. In the US, the three major indexes dropped, with the S&P falling 1.9% by mid-afternoon. That followed earlier sell-offs in Europe and Asia, as investors dumped shares of firms such as South Korean steel manufacturers and German truck-maker Daimler. Trump's plans leave most goods coming into the US facing new taxes of 10% to 50%, depending on their origin, and will lift tariff rates in the US to the highest levels in nearly a says the measures will rebalance global trade and boost US analysts say they will raise prices for businesses and consumers in the US and weigh on the US and global economies, as sales, hiring and investment slow. This week has revived fears about economic damage, as companies update investors on their costs and new data points to slowdown in the US. Employers in the US added just 73,000 jobs in July, according the monthly Labor Department report published on also dramatically revised estimates of job growth in May and June, with far fewer gains than previously thought."The economic data since the Liberation Day announcements did not reflect that sharp deterioration in economic activity, or at least not in obvious ways. This was the week that changed," analysts at Wells Fargo wrote on Friday. The revisions appeared to spur Trump to fire the commissioner of labor statistics, Erika McEntarfer, in a post on social media."We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," he wrote on social media, referring to the large revisions to the May and June jobs numbers. Trump also lashed out at Federal Reserve chairman Jerome Powell, whom he has angrily criticised in recent in the US opened lower in the morning, with losses accelerating over the course of the afternoon. France's CAC 40 closed down 2.9%, while German's DAX fell 2.6%. In the UK, the FTSE fell 0.7%.Earlier the leading index in South Korea fell 3.8%, the Hang Seng index in Hong Kong dropped 1% and Japan's Nikkei fell 0.6%. When Trump first put forward his plans in April, shares in the US tumbled more than 10% in a week, the concerns spreading to the dollar and bond stock market recovered after he suspended some of the most drastic measures, leaving in place a less punishing, more expected 10% levy. In recent weeks, indexes in the US have been trading around all-time highs. "The reality is Trump got emboldened by the fact that markets came right back," Michael Gayed, portfolio manager for The Free Markets ETF told the BBC's Opening Bell. "Now he's going to try his luck again." The latest measures are less extreme than what Trump first put forward in April, when goods from key players in southeast Asia, such as Vietnam, were facing tariff rates of more than 40% and a tit-for-tat exchange with China drove US tariffs on its exports surge to at least 145%.But the tariffs still make for a radical change for the US, for decades a champion of free plans include a minimum 10% tax on most goods entering the US, with major trade partners, including the European Union, Japan, South Korea, Vietnam face tariffs in the range of 15% to 20%.Goods from China are set to facing new 30% levies, while exports from some other countries, including Switzerland and Laos face even higher changes, which are set to go into effect on 7 August, will lift the average tariff rate to roughly 18%, up from less than 2.5% as recently as had been taking the impact of tariffs in stride, sending shares in the US and elsewhere to new highs in recent weeks. Mr Gayed said markets had become less sensitive to Trump's rapidly changing trade policies, but he saw risks ahead. "The more he just whips around policy, the more the markets will not care, but as the old saying goes, nothing matters 'til it matters and then it's the only thing that matters," he said.
Reuters
an hour ago
- Reuters
Chinese soccer team train for inaugural World Humanoid Robot Games
BEIJING, Aug 1 (Reuters) - On a soccer pitch in Beijing, "T1" is practising shots and taking up positions. T1 is no ordinary player, however, but a gold medal-winning humanoid robot training for the first World Humanoid Robot Games, taking place in Beijing from August 15. T1 is part of a race to take the lead in humanoid robotics, as China looks to become more self-sufficient in advanced technologies. The Games will bring together teams from more than 20 countries for events ranging from track and field to dance and martial arts, as well as practical applications such as industrial handling and medical services. T1 and its two teammates, fielded by Tsinghua University's Hephaestus team, made history for China last month by winning gold in the "Humanoid, adult size" category of the 28-year-old RoboCup Humanoid League in Brazil. "The Chinese government is actively promoting humanoid robot development," said Zhao Mingguo, Chief Scientist at Booster Robotics, maker of the T1. "To advance technology, the government is actively organising competitive events, and this sports games is one such experience." While some may dismiss such events as gimmicks, industry experts and participants see them as a decisive spur to advance humanoid robots toward practical real-world deployment. Although the Hephaestus team would hardly trouble even junior human opposition, Booster Robotics views soccer as a powerful test of perception, decision-making and control technologies that could later be applied in factories or homes. "Playing football is a testing and training ground for ... helping us refine our capabilities," Zhao said. And just as in real life, moving on from the training ground is often a challenge. Hephaestus is building on software developed for Brazil to improve the players' positioning skills. But the performance of humanoid robots still depends to a great extent on environmental variables such as the surface and hardness of the ground and the gradient of any slopes, according to Hephaestus's Chen Penghui. It wouldn't be the first time a soccer team had visited a new venue and bemoaned the state of the pitch.
Auto Blog
2 hours ago
- Auto Blog
Aston Martin May Sell Stake in Formula 1 Racing Team and Go Private in Turnaround Efforts
Tesla is falling behind BYD in several key international markets, but its rival's recent operational struggles are opening a door of opportunity. Despite coming up with some compelling vehicles in recent years, Aston Martin has continued to struggle financially, leading it to some tough decisions as it plots a path forward. Among other efforts, the storied British automaker reportedly plans to sell its stake in its Formula 1 racing team, and some expect the company to delist itself from the London Stock Exchange. Aston only owns 4.6 percent of the racing team, but the sale would raise $146 million for the company, which desperately needs cash. The automaker cited tariffs and a slowdown in China for its struggles, saying it would only break even this year, which caused a drop in its share prices. The company's stock market valuation has dropped from almost $6 billion in late 2018 to just over $1 billion today. That said, the F1 team sale valued the company at $3.2 billion. While Aston Martin won't have a stake in the F1 team after the sale, it will continue a relationship with the sport through naming and branding agreements, so we won't see a change on the grid. The automaker's car lineup is one of the most compelling in its history, so there are reasons for Aston to be encouraged. Its first SUV, the DBX has grown to account for almost half of its sales, and other new models have received stellar reviews from customers and critics. 2025 Aston Martin DBX 707 — Source: Kyle Edward Lawrence Stroll acquired the Force India F1 team in 2018 and transformed it into the Aston team we know today. Stroll and his partners have continue investing in the business, but many credit Netflix's Drive to Survive with bringing the sport's value to an all-time high. About the Author Chris Teague View Profile
